Lending Club Stock Price Hits Record Low

Lending Club’s stock dropped to its lowest level on Monday, closing at $3.27, according to the online lending tracker. That puts the company down 78% from its IPO price of $15 and down 87% from its all-time high.

Worse yet though for the company is that competitors like Goldman Sachs have been able to undercut Lending Club’s rates (Goldman Sachs’ Marcus charges no late fees or origination fees), while simultaneously tapping into a cheaper cost of capital (deposits).